Bonds and notes of the authority shall constitute negotiable instruments and may be secured by a pledge of the revenues from which they are payable, by contracts binding the authority for the proper application of its revenues and the proceeds of such bonds and notes and by a nonforeclosable mortgage or deed of trust, a statutory mortgage lien on the facilities and other property out of the revenues from which the bonds and notes are payable. Bonds and notes of the authority may be issued under a trust indenture.
Structure Code of Alabama
Article 9 - Economic and Industrial Development and Tourism.
Section 45-18-90 - Applicability.
Section 45-18-90.02 - Issuance of Bonds and Notes.
Section 45-18-90.03 - Bonds and Notes of Authority.
Section 45-18-90.04 - Powers and Obligations of Board.
Section 45-18-90.05 - Contribution of Funds; Taxation.
Section 45-18-90.06 - Zoning, Eminent Domain, and Regulation of On-Site Sewage Systems.
Section 45-18-90.07 - Exemption From Regulation and Supervision; Use of Public Roads.
Section 45-18-90.08 - No Authority to Levy Tax; Veto of Actions.
Section 45-18-90.09 - Contracts With Other Authorities; Grants.